Tweet Do Criminals Launder Money at Casinos? Media and enforcement agencies are awash with statistics intended to describe the extent of money laundering at casinos in Canada and elsewhere around the world. Due to the ubiquitous nature of the activity, it is nearly impossible to produce accurate statistics on the extent in which this activity […]
Tweet According to this article in PoliceOne.com, online virtual games are fast becoming a preferred method of money laundering proceeds of crime for criminals. Online games such as “Second Life”, “World of Warcraft” and “Dungeons and Dragons”, allow players to purchase goods and services using real credit or charge cards (i.e., American Express), electronic payment […]
Tweet The Ontario Court of Appeal has upheld an order extraditing Suresh Sriskandarajah, also known as “Waterloo Suresh”, to the U.S. to face allegations of terrorist financing and money laundering. Sriskandarajah is a Sri Lankan former refugee who immigrated to Canada twenty years ago. He was arrested in 2006 as a result of a joint […]
Tweet At this week’s G20 Summit in Seoul, leaders of the top twenty economies are expected to confirm their commitment to implementing the United Nations Convention Against Corruption. The Convention deals in large part with measures to prevent money laundering and requires signatory countries to: Implement a comprehensive regulatory regime for banks and other entities […]
Tweet A federal judge in the U.S has ruled that Lloyd’s of London is not liable for the US$20 million in legal fees that are likely to be incurred by Robert Allen Stanford’s defence team because there is a substantial liklihood of money laundering. Stanford was covered by a director’s insurance policy purchased by his […]
Tweet Case Studies on Lawyers & Money Laundering Scott Rothstein The 50-year prison sentence imposed on Scott Rothstein in July of this year for running a US$1.2 billion Ponzi scheme from his Florida law firm, money laundering and stealing client trust funds, is the latest in a series of high-profile money laundering cases involving lawyers […]
Tweet A U.K. professional gambler, Harvinder “Micky Singh” Batth, and three co-defendants must come up with £800,000 in restitution in the next six months or spend more time in jail. Batth was a member of a U.K. group that laundered millions of pounds at casinos on behalf of crime bosses. He was a well-known professional […]
Tweet The Royal Bank of Scotland has been fined £5.6 million by the UK regulatory agency for failing to implement key anti-money laundering requirements. The fine is the largest ever levied by the Financial Services Regulator. The Bank failed to adequately screen its customers and their transactions to ensure there were no ties to listed […]
Tweet Canada needs to improve its anti-money laundering efforts in several areas, according to the 2010 Money Laundering Report published by the U.S. Department of State. Canada was among 61 countries identified as major money laundering countries in 2009. Others include Afghanistan, Austria, Brazil, Cayman Islands, China, Greece, India, Iran, Italy, Lebanon, Lichtenstein, Mexico, Pakistan, […]
Tweet According to a news report in the Economic Times of India, Indian billionaire Lalit Modi, the commissioner of the Indian Premier League, is the subject of a government report prepared by the Income Tax Department of India that alleges he may be connected to money laundering and the fixing of cricket games. The report apparently […]